January is Financial Wellness Month, making it an ideal launching pad for financial goal setting, especially following the uncertainty of the past couple of years. If one of your 2023 goals or resolutions is to improve your money management, you can count on some help from Transocean through our financial partner, Fidelity, with a couple of simple, realistic goals to help you get started.

Shore up the savings

The first goal involves setting aside money for the unexpected. Fidelity suggests you have three to six months of savings to meet your essential living expenses. If you are currently falling short, you can get started using these simple savings tips:

1. Save your change. In an increasing digital payment society, paper and coin currency almost seems obsolete. However, it still adds up and holds value, so let it do both in your savings account. Whether you use a “change jar” or a piggy bank, make it a habit to add your jingling coins to it each day, or each week. As it builds, take the container to your bank for a deposit. Some will require you to roll the coins, while others offer a change-sorting machine free of charge to their customers. You can also find these machines in some retail stores, but they may charge you a fee.
2. Round up. There are now apps and investing platforms that allow you to save and invest spare change. Some banks have also started “round up” savings programs, rounding up your debit card purchases and depositing the difference in your savings account. If you still retain some “old school” habits, you can do it on your own: If you write a check for a $298 purchase, record it in your ledger for $300. Then, when you balance your checkbook each month, deposit the difference into your savings account.
3. Audit your subscriptions. Subscription streaming services may have helped us keep our sanity during lockdown periods, but how many of them do you really need – or still use? Particularly if you avail yourself of the convenience of autopay, you may not fully realize what you pay for each month. To save money, go through your bank or credit card ledgers and list all your subscriptions, then determine if you can cancel any. Or, if you’d like some help, research an app that will do it for you. The month after cancelling, put the amount you used to spend on the now-canceled service into your savings account.
4. Pay off bills. This may seem obvious, but many of us could use a jump start when it comes to actually getting bills paid off. Start with your higher-interest obligations, like credit cards. The monthly savings will allow you to put more into your emergency fund.

Invest in preparing for the future

There is other planning you can undertake that may not seem directly linked to finances, but it does – either to your own finances, or those of your loved ones. It’s estate planning, and Fidelity has some basic tips to get you started. From your will to a health care proxy and power of attorney, it’s important to work with legal and tax advisors who can help you through the complexities.

Finally, don’t forget about your retirement account. One “positive” note about inflation is that the IRS has increased this year’s 401(k) contribution limits to $22,500, which is $2,000 more than the limits for 2022. If you’re age 50 or older, you may be able to contribute more in “catch-up” contributions. Fidelity offers a handy online calculator so you can see how even small additions can add up. You can also take this opportunity to see if there are other changes you can make, letting the Fidelity NetBenefits website guide you.

Remember, financial disarray and worry is one more source of anxiety. Contributing to your financial wellness in 2023 doesn’t just benefit you financially – it can also have positive effects on your mental health.

Here’s to reaching your goals in 2023!